Silverstein pleads for WTC airline funds

New York /
Sep.September 30, 2010 09:30 AM

Larry Silverstein

Larry Silverstein’s attorneys said in court filings this week that he won’t have enough cash to build all of his planned World Trade Center towers unless he gets the billions of dollars he’s been asking for from insurers for United Airlines, American Airlines and other aviation companies. Silverstein has long been waging a legal campaign to win as much as $12 billion in funding from insurers for the airlines. “Due to a shortage of funds, two out of the four office/retail building sites on the World Trade Center site will remain indefinitely in an unbuilt or half-built condition,” the attorneys wrote to U.S. District Judge Alvin Hellerstein. One month ago, Silverstein finalized an agreement with the Port Authority of New York & New Jersey that gives him enough funding to build Tower 4 in its entirety and to begin Tower 3. But Silverstein is on his own in raising the additional $300 million needed to complete Tower 3 and the $2 billion needed for Tower 2. [Post]

 

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